3 most pricey pads in Palo Alto

Even in hot markets like Palo Alto, the most expensive properties can still amaze us, whether because they are so beautiful, so big, or just because they cost so incredibly much money. Here then are the three most expensive single-family homes on the market in Palo Alto right now. Take a tour and let us know—if you had the money, would you pay these sky-high prices?

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3) 4256 Manuela Court was built in 2008: its architecture is a thoroughly modern departure from the others on this list. The 7 bed, 7.5 bath home offers over 9,800 square feet of cool white luxe, framed in swirling trim and pale marble that makes us think of Miami Vice. Here find many of the usual suspects in high-end homes: pool, Jacuzzi tub, cathedral ceilings, 3-car garage, priced at $9,488,000 (down from original list of $9,898,000 in early June).

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2) 2051 Waverly Place is a 5 bedroom, 4 bath, 2,651 square foot home. Since it’s priced at $11,495,000, that means $4,336 per square foot, high enough to raise eyebrows in an area where the median price per square foot for listed single-family homes is $1, 125. In fairness, that price seems to be more related to the lot itself than the home. The listing write-up, focusing on the location (“Heart of Old Palo Alto”) and size of the lot (over 26,000 square feet), treats the house as an afterthought—in fact, doesn’t include photos of the interior. Presumably, the buyer will have money left over after buying this property to bulldoze the existing structure and start anew with something worthy of taking pictures.

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3) 890 Robb Road, meanwhile, gets lots of interior shots. It should: over 8,000 square feet of pure opulence, the 6 bedroom, 7.5 bath home boasts all the trappings of wealth we’d expect at its price point of $15,000,000. So yes: the pool, the courtyards and terraces, gazebos, home theater, wine cellar, gym and sauna. Strange property history means someone, somewhere, stands to make a ton of money if this place sells anywhere near asking: according to public records: sold for $3,250,000 in 2003, then for $1,800,000 in 2007 (clearly not an arm’s length transaction).

Can we really get sticker shock in Palo Alto? After all, we kind of expect pricey real estate in this area. Still, Palo Alto is having itself a particularly pricey summer for home sales. In June, $2,880,000 was the median list price, a 50% increase year-over-year. The median sold price, a smaller figure (but not asmallfigure) of $1,650,000, is up 3% from June of 2011. The fact that inventory for this June showed a drop of over 26% from the previous June probably helped. But even in this land of high price tags and short supply to meet demand, are these homes likely to sell for full asking?